Earlier this afternoon, the Chancellor of the Exchequer, Rishi Sunak delivered his 2021 budget and I felt it would be useful to provide you with a brief outline of this, particularly in light of the ongoing Coronavirus pandemic and its effect on our economy.
Despite denials, could the Chancellor be about to impose a wealth tax with limited reliefs for those with assets over 500K?
An early 3 March Budget means the time is now to consider your tax position.
The Budget is set for 11 March, with speculation around changes to pensions allowances, tax reliefs and more.
The next Budget could affect pensions, capital gains tax & ISAs. Make sure your year end tax planning is complete before they are announced.
Ever since he announced a move to an Autumn Budget in 2016, Mr Hammond has made it clear that he wanted to avoid the Spring Statement counterpart becoming a mini-Budget. His vision was that in March he would be presenting a brief response to the latest forecasts from the Office for Budget Responsibility (OBR).
The 2018 Budget – delivered on a Monday for the first time since 1962 – produced a number of surprises, not least some high-profile ‘giveaways’.
The 2018 Budget has been set for Monday 29 October, setting a deadline for speculation and proposals. Mr Hammond, however, has indicated that he won’t end the long spell of austerity measures, despite improving public finances.
A leading think tank has proposed a radical shake up of the UK tax system.
The Office for Budget Responsibility (OBR) produces medium-term financial forecasts alongside the Budget and Spring Statement, but that is not its only task. It is also required to take a longer-term view of the public finances, producing a Fiscal Sustainability Report every two years.
